seriously puzzled by the selling pressure, oh well more for me.
it has something to do with the auction ...obviously!
Market will not move further till this auction finish, this auction really pushing market downside so whale will buy Silkroad coin more cheaper.
I think it's just more general fear (of the outcome of the auction) that causes people to sell and makes others afraid to buy. Just sheep being sheep with a few whales taking advantage of the situation.
People already placed their bid anyway if i read it correctly.
Now what does worry me is that no matter the outcome of the auction the price will crash again.
I mean what is supposed to happen? If the winner bought at 600 would that suddenly cause a buying rally?
It's a tiny event that shouldn't affect the market much. It's no reason to either sell or buy.
Right now the only thing that surrounds this auction is fear and panic. All we need is one whale to dump 1000 coins 1 minute after the auction ends and everybody will completely totally fucking panic and dump everything they can. No matter what price the coins were bought.
The price of the coins isn't the real issue here. It's not what people care about. It's will there be panic or not.
Bitcoin is driven by panic at the moment. And all these events and China and ghash crap is just people looking for a reason to panic.
Really, none of these traders give a shit about if a few coins get sold at 550 or 600. 1 week from now nobody even remembers it. It's all about the panic. They are addicted to it. In a completely retarded way.